Chronic suspicion clouds thinking on oil price behavior

08/23/2004
Unsold oil makes no money for oil producers. This insight somehow eludes adherents to the chronic suspicion that high oil prices can result only from withheld supply.The suspicion never goes away. It's at work in analyses of current conditions, even though prominent among those conditions are rising production and efforts to increase capacity.This writer encountered a new twist on these predispositions recently while participating in a radio-show panel discussion.A Dutch journalist propounded that the Russian government was pushing OAO Yukos toward bankruptcy in order to suspend the company's 1.7 million b/d of production and drive up the price of oil.To support the theory, a coun...
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